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Hong Kong surpasses New York as home to the world’s biggest population of ultra-rich people

10 Sep 2018

Hong Kong surpasses New York as home to the world’s biggest population of ultra-rich people

New York City is no longer the city with the most ultra-wealthy people. Now, it's Hong Kong.

That's according to a new report from ultra high net worth intelligence and data company Wealth-X. Hong Kong's population of individuals worth at least $30 million jumped 31% last year to 10,010. New York was second at 8,865 folks, a relatively meager increase of 7%.

We've known for a while that Hong Kong was likely to unseat New York as the world's multi-millionaire and billionaire capital.

Wealth is exploding across Asia, and Hong Kong is the leading city — with neighborhoods like The Peak attracting buyers for villas worth about $19,400 per square foot.

Of the 30 fastest-growing ultra-wealthy cities, China is home to 26 of them. Wealth-X credited China's "gradual and ongoing process of market liberalization," as well as its market growth in real estate and other high-value economies.

The countries with exploding ultra-wealthy residents were outside of the usual suspects in North American and Europe. Bangladesh and China led, with Vietnam, Kenya, and India directly behind.

And while the US in general is still by far the most ultra-wealthy country in the world, the American population of high net worth individuals grew remarkably slowly this year. That, according to the report, is "pointing to a more balanced distribution of global ultra wealth.

(Source: Business Insider)